RSI Currencies MT5
- Fabio Cavalloni
- Version: 1.0
RSI Currencies is an indicator that is based on the RSI concept but with a totally different approach.
It calculates its values calculating all RSI values of all pairs related to the same currency and making an average between them: the goal is to obtain a more solid and trustable information about what each currency are doing lowering the impact of market noise and extreme euphory on a particular pair to analyze the whole basket.
It works on 28 forex majors and minor pairs related to these currencies: EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD
There is also a Delta line that is nothing else than the difference of values of 2 currencies RSI for the chart pair.
Example of usage: I'm analyzing EURUSD and I see that RSI for EURUSD is around an interesting overbought area. It can be usefull to check also RSI currencies to check if both EUR is around an overbought area and USD is around an oversold area: if yes, we can consider our initial analysis "EURUSD is around an overbought area" more trustable because RSI of all pairs related to EUR and USD agree with this information.
A simple looking indicator, but full of potential.
What else to say? Try it!
Good indicator that helps a lot in improoving analysis on forex market